0736 GMT - PetroChina's stronger sequential growth is likely to be driven by higher oil and gas prices, says DBS Group Research's Pei Hwa Ho in a note. The upstream segment remains a key earnings driver in the coming quarters for the Chinese oil major, she says, noting the jump in oil prices since March hasn't been reflected in the company's results yet. She raises her 2026-2027 projections for PetroChina by 9%-13% after DBS increased its oil-price estimates by US$5-US$10 a barrel. The bank lifts its Hong Kong share target price to HK$14.50 from HK$12.20 and reiterates its buy rating. Shares fall 2.7% to HK$11.71. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
May 04, 2026 03:36 ET (07:36 GMT)
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